I really think you're on the wrong track. 🙂
If you are not going to overclock then you should get a P3 Coppermine that runs on the faster 133 MHz system bus,like a 667 or a 733, not one that runs on a 100 MHz bus like the 700. Other things equal, a faster bus is always better - because it's faster !!!
You should specify an Intel Pentium III Coppermine CPU in the FC-PGA format @ 667 or 733 or other CPU for a 133 MHz bus. The FC-PGA is the bare chip form of the P3 which can fit into a Socket 370 mobo directly or into a Socket 370 mobo with a 'slotket' adapter. The FC is more versatile.
Also, if you are not going to overclock then you should not get a motherboard based on the older Intel 440BX chipset, which again is designed for the 100 MHz bus. Instead you should look for a board based on the new Intel 815E chipset, like the Socket 370 type ASUS CUSL2, an AnandTech Editor's Choice. The CUSL2 is just coming on the market and has many up to date features that make it superior to any BX board. It looks like a board one can grow with, but it may cost more than you budgeted.
The reason that overclockers use P3's that run on a 100 MHz bus is that they want to bump them up by a third from 100 > 133, so a 700/100 > 933/133, for example. But if you aren't going to o'clock then you don't want a 700/100, you want a 667/133 or a 733/133, 'cause they're faster.
The reason that many overclockers in the forums like the BX boards is that when overclocked from their normal 100 MHz to 133 MHz they may outperform other types of boards at that speed. But the 815 boards are almost as fast and are generally more flexible and more modern.
Even if you decide to get a 700 you should still get the CUSL2 rather than a BX board. And if you are buying RAM you should get PC133 SDRAM. In the 815 boards you can use PC100 or PC133 RAM and mix modules too.
One last thought. Overclocking is very easy, especially with a board like a CUSL2. So don't be afraid to try it, but if you do then go ahead and do get a 700/100 and the CUSL2 board too.
🙂